Wobbling at $10K, Can Bitcoin Endure Another Bear?
By Mark Lemon – Cryptocurrency Professional
With Bitcoin’s recent movements showing volatility for its short-term price direction, traders are concerned whether or not the global crypto can fend away another bear market as sentiment seems strong to sell Bitcoin.
This worry has been looming around ever since Bitcoin has been unable to set new highs than those seen between June and July, which is when Facebook’s own crypto project Libra launched, pushing the former’s price from $13,880 and then to $13,200 on June 26 and July 10 respectively.
Ever since then, Bitcoin hasn’t come through when testing those highs, leading to rumours that traders could push the market into a lower range. If selling Bitcoin prevails and the price drops below key levels of resistance, it could continue past $10,000.
Still, analysts and investors stand optimistic due to the belief that the world’s largest cryptocurrency’s demand will stay on its present course as depicted through Coindesk, where the prices would continue to float around $10,000 until the halving in May of next year takes effect. It is from that point on that investors will factor in the new amount of Bitcoin that’s introduced to the market cut in half, where every block in the blockchain will be producing 6.25 BTC, down from 12.5 BTC.
Litecoin recently completed its halving, impacting the hash rate of the network greatly. Many ceased mining Litecoin in search of a more profitable option and we are to see if this could be the same for Bitcoin in the future. Though less will be competing to gain the block reward, the processing power of the network is down reducing throughput. This could encourage some users to sell Bitcoin in uncertainty of profitability but also reduces the suppression of price when the miner’s cash out crypto is generated.
Head on over to our platform to sell Bitcoin UK through your trusted Bitcoin broker, BC Bitcoin.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards